The day ended with May 14 London wheat up GBP0.40/tonne to GBP167.90/tonne, and with new crop Nov 14 London wheat closing GBP0.70/tonne firmer at GBP157.40/tonne. May 14 Paris wheat closed unchanged at EUR214.75/tonne, Jun 14 Paris corn was up EUR1.00/tonne at EUR184.75/tonne, whilst May 14 Paris rapeseed slumped EUR6.75/tonne to close at EUR415.50/tonne.

"Russia will respond if its interests in Ukraine are attacked," the Russian Foreign Minister Sergei Lavrov was quoted as having said, drawing parallels with the 2008 Georgian war, the BBC reported.

The situation there is clearly far from resolved just yet.

The Ukraine Agribusiness Club said that local prices in the domestic hryvnia are at all-time highs, although the local currency has slumped violently since the Russian taking of Crimea. Prices of 3rd grade milling wheat are up 22.7% versus a year ago, and feed wheat prices are up 14.2%, they said. However, the rapid depreciation of the hryvnia means that growers there are seeing no benefit to these local price increases, they added.

The market looks tired, but any further escalation of the troubles between Ukraine and Russia could easily see fresh spec money come back into the grains sector, pushing prices higher again.

On the flip side, harvest pressure will soon be upon us. UK grain traders report end-user demand is slack, with buyers appearing well covered for their summer requirements, and relaxed about dipping their toe into the water on new crop. UK growers are estimated to have around 20% of their new crop wheat forward sold.

About Me

Worked in agriculture for over 30 years as a shipper, merchant, trader & broker, but still hasn't got the faintest idea what he's talking about.
Likes beer apparently, so why not do the decent thing an hit the donate button you tight bastard?
He can also provide content for your website like market reports and commodity prices. And if you haven't got a website he can design one for you. In short, the man's a bloody genius.

Disclaimer

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The guy is clearly deranged and you should almost certainly ignore everything that he says.